Razorpay will permit businesses to accept credit card payments using UPI

6 Dec 2022 , 06:40 AM

As the digital payments landscape continues to expand, fintech platform Razorpay made an industry-first move on Monday to enable retailers to accept credit card transactions via the unified payments interface (UPI).

With the addition of RuPay credit cards to UPI, Razorpay merchants can begin accepting credit card payments via UPI with little change to their current setup.

The move is made possible through a collaboration with Axis Bank, which shares Razorpay’s focus on responding to merchants’ ever-changing demands and providing better convenience.

According to the corporation, this product is consistent with the Reserve Bank of India’s (RBI) and the National Payments Corporation of India’s (NPCI’s) most recent digital innovations. The NPCI approved the integration of RuPay credit cards with the BHIM UPI app on October 4.